Russia is considering launching a state-backed cryptocurrency

03 Nov, 2018
by Richard Allen
Russia is considering launching a state-backed cryptocurrency

Anatoly Aksakov, chairman of Russia’s State Duma Committee on Financial Markets has said that the committee is looking at the viability of launching a state-backed cryptocurrency pegged to the Russian Ruble, according to local news outlet Govorit Moskva.

Aksakov expressed his confidence in the launch of a state-backed cryptocurrency during a press conference held on the increase of household debt, stating that “it will be a ruble-pegged cryptocurrency.”

“I am convinced that a cryptocurrency will appear, but it will be a secured cryptocurrency. At some bank, a certain amount of money is deposited, and the bank issues the appropriate amount of crypto tools. The ratio of this currency will be one to one with the ruble,” Aksakov explained.

Moscow-based news agency MSKAgency reports that the chairman clarified that the cryptocurrency will be backed by the central bank since it’s backed by fiat. Aksakov concluded on an optimistic note, saying that using blockchain to issue cryptocurrency is “promising.”

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